The Nigerian investment promotion commission, NIPC, says, about ₦350 trillion capital is to be generated in 2022 to 2026, of which 86% is expected to be raised through private sector.
This formed part of a conversation at the first quarter 2022 NIPC Media briefing in Abuja.
The Acting Executive Secretary of NIPC, Mr Emeka Offor, explained that the Commission’s task under the National Development Plan, NDP, for the next 5 years, projects a capital requirement of ₦348.7 trillion, noting that amidst a drop in global volume, mobilisation of this capital had become a focus of the Commission.
Mr. Offor also stated that in 2020, Foreign Direct Investment, FDI, inflow shrunk by 30%. In 2022 however, it is expected that there would be some marginal upward flow in global FDI.
He added that the 2021 Investments Announcement Report, indicated $23.30b was tracked during the year, representing about 39% more than the value tracked in 2020.
The Director Legal Services, Mrs Patience Okala, said there had been a coherent legal framework at all levels to review the Nigerian Investment Promotion Commission Acts.
According to Director Strategic Services, Mr. Abubakar Yerima, stressed that the Commission would sustain its drive at tracking Investment Announcement, while building relationships across sectors for synergy and coordination of Investment Promotion activities.
Mr. Yerima added that the Commission was transiting its internal operations into an Electronic Document Management System, EDMS, for better service delivery.
By Victoria Abah